NEW YORK - When Wall Street woke up Monday morning, two more of its storied firms had vanished.

Lehman Brothers, burdened by $60 billion in soured real-estate holdings, said it is filing for Chapter 11 bankruptcy after attempts to rescue the 158-year-old firm failed.

Bank of America Corp. said it is snapping up Merrill Lynch & Co. Inc. in an $50 billion all-stock transaction.


http://www.msnbc.msn.com/id/26709927

It will be interesting to see what effect this has on global stock markets. These two were amongst the biggest players out there

I couldnt believe this

When a massive investment bank collapses like that, i wonder what would happen next in the financial industry

It is a shame because i always thought Lehmann Brothers alongside Merril Lynch and UBS was one of the strongest in the sector!

seem hurricane ike hit the financial sect two, wat coul have happened to lehmann , months ago they seemed to be doing all the smiling.

Yeah.

Very sad for Lehman, a 150year old Investment Bank.

The credit crunch could still affect many more investment banks. This would also have deep impact of risk taken by these IB banks.

what goes around, comes around.

All thanks to Greenspan for lack of properly regulatory framework.

Really sad! the lesson here for us is that we too need to watch it and be careful! Moderation is the key! the quickest way for a bank to collapse is through the granting of bad loans! I am happy now that there is some sense of sanity now in the stock market!

oh and this is going to get messier

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/09/16/cnlehman116.xml